Morning Report

The pair currently touched the bearish trend's resistance level at 83.45, accompanied by clear overbought signs through momentum indicators and thereby causing us to maintain yesterday's expectations of a bearish trend over an intraday basis, targets start around 82.50 then towards 81.05. Keep in mind that breaching 83.45 and building a base above it makes us relook at the suggested bearish direction.

The trading range for today is among the key support at 81.05 and the key resistance at 84.25.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.45 targeting 81.75 and stop loss above 84.25, might be appropriate.